NYDFS Updates Cybersecurity Regulation to Become Effective March 2017

The New York Department of Financial Services yesterday announced it had updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks,” said an agency press release. According to the American Banker, the updated proposal eased the timeline for reporting and testing cybersecurity incidents, and gives “regulated entities more time to review the rule” before it becomes final and effective on March 1, 2017. The agency will finalize the rule after a 30-day public comment period that began yesterday.

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